4 4 Credit access guarantees: a public asset between State and Market Introduction and scope of the survey

5 Credit access guarantees: a public asset between State and Market 5 The project: international survey on guarantee market players KPMG Advisory is the leading advisor for guarantee schemes in Italy. Through its long-standing experience, it has become aware of the following: 1) the close relationship between the actions of players and the public guarantee schemes that form the guarantee chain 2) the specific business models that big players adopt compared to smaller players 3) a broad comparison of experiences and best practices nationally that is still absent at the international level, as it is limited to politicalinstitutional aspects and the protection of international representative associations. This survey is based on these considerations, with the goal of mapping and gaining a better understanding of the major credit guarantee players operating in different countries, as well as encouraging a technical, industrial and operational comparison of market leaders on their role and importance in national and international financial systems. This document sets out the evidence gleaned from this International survey on guarantee market players. With this in mind, the aim is to create a real and permanent watchdog for the credit guarantee market segment that can monitor the activities of major players and encourage them to discuss technical issues.

6 6 Credit access guarantees: a public asset between State and Market Data analysis and survey process The analysis originally embraced all international organisations operating in the guarantee market and all the various schemes, without limitation. Conceptual and parametric filters were inserted, with subsequent approximations, enabling us to identify a relatively uniform and comparable group of Big Players. The survey process was divided into the following stages: Survey Process PRELIMINARY IDENTIFICATION OF COUNTRIES WITH SIGNIFICANT GUARANTEE SCHEMES IDENTIFICATION OF THE MAIN PLAYERS AND DESK SURVEY 3 FEEDBACK RECORDING AND BIG PLAYERS SELECTION AND DATA SENDING OF QUESTIONNAIRES ANALYSIS AND PROCESSING Analysis of relevant literature of the credit guarantee segment Analysis and identification of segment player networks Identification of the main national legal frameworks Identification of the main state-owned players Identification of the main privately-held and state-andprivately-held players Selection of a restricted panel of players Analysis of publicly-available documentation Drafting of a special survey questionnaire Questionnaire feedback from eight players Use of updated publicly-available data of the individual players (2009 financial statements) Publicly-available official sources were used for stages 1 and 2, mainly relating to: financial literature papers on specific national guarantee market issues (i.e., state aid, risk management activities, etc.) proceedings of international conferences promoted by networks of players and data from the individual associations of players financial statements of the individual players specific surveys. A direct analytical survey was conducted in stages 3 and 4, by creating and sending a questionnaire that was designed to examine the activities of a number of important players, in both qualitative and quantitative terms using uniform procedures and parameters. The questionnaire was also presented to the selected players through the important contribution of the advisory firms in the KPMG Network in other countries.

7 Credit access guarantees: a public asset between State and Market 7 Scope The first information screening enabled us to identify a number of countries with credit guarantee schemes of a significant size and structure, both in relation to the country s overall financial system and in terms of advanced relationships with the relevant banking system. Survey Results 1 PRELIMINARY IDENTIFICATION 2 4 OF COUNTRIES WITH SIGNIFICANT GUARANTEE SCHEMES IDENTIFICATION OF THE MAIN PLAYERS AND DESK SURVEY 3 FEEDBACK RECORDING BIG PLAYERS SELECTION AND SENDING OF QUESTIONNAIRES AND DATA ANALYSIS AND PROCESSING 4 player networks 22 significant countries analysed 74 players identified 18 countries Approximately 40 players identified Approximately 25 state-owned players/public funds Questionnaires sent to 16 players Questionnaire feedback from eight players Informal feedback and annual report from one player Therefore, the first evidence gleaned from the desk analysis (stages 1 and 2) helped identify the national contexts which were important for credit guarantee purposes. These were identified using a number of criteria for admissibility that had to be met, including: players with their own independent assets players with an all-round and well-designed business organisation to support operations (geographical distribution of offices, number of employees, etc.) players who usually operate in the general market, are thus not limited to certain economic-production segments, and are mainly focused on small and medium-sized enterprises (SMEs) players who operate in and are part of an important global economy (for example, those included in The Group of Twenty G20 panel). The desk analysis of publicly-available information enabled us to identify the main players for each country included in the sample and the first quantitative evidence. Specifically, the following eighteen countries and relevant players were identified (Table 1).

9 Guarantee schemes: a credit leverage and an important tool for facilitating access to financing

10 10 Credit access guarantees: a public asset between State and Market Executive Summary The major operating differences in guarantee schemes on international level have made it necessary to compare the operating models of these special intermediaries. At present, this occurs only on a national/regional level, not globally. KPMG Advisory s survey is based on the need to bridge this gap. The desk analysis focused on eighteen countries: eleven of these belong to the G20 panel (Brazil, Canada, France, Germany, India, Indonesia, Italy, Japan, Russia, South Korea and Turkey); the other seven (Chile, Colombia, Hungary, Malaysia, Portugal, Spain and Thailand) present important credit guarantee cases although they are not among the main global economies. The survey is also based on the results of a questionnaire answered by nine major guarantee players (the Big Players ). The following considerations emerge from matching the information obtained through the desk analysis with the evidence gleaned from the questionnaire. Credit guarantee players have relatively uniform business models, mainly due to territorial proximity and regional/continental similarities. Most of these players are currently state-owned, even though predominantly private players are increasing, especially in certain developed economies in the West. Due to the economic crisis, guarantee schemes have now once again become important ways to improve access to credit and offer credit leverage (also known as additionality) rather than being mere credit risk mitigators as in the past. Only 10 to 20% of companies who resorted to the Big Players would have had access to the loan without guarantees. Therefore, the support provided by guarantee schemes should not distort the credit market by making it easier for unreliable companies to obtain financing.

11 Credit access guarantees: a public asset between State and Market 11 Indeed, guarantee schemes are designed to act in situations of stability. The pressure they are currently experiencing and the unfavourable economic situation have adversely impacted their soundness and ability to issue guarantees, and is also deteriorating the quality of their assets. The survey shows an increase in players bad debts. In this scenario, it is important for guarantee players to start up a sharing process to enhance and spread best practices and discuss the most critical issues. In this respect, the networks role is fundamental to expanding the credit guarantee culture and lobbying activities. These networks, which do not support production, should expand their research and development, which currently focuses only on international, but not intercontinental, promotion. In fact, in intercontinental relationships, individual players are currently limited to a visiting role, participating in events organised by other networks. These considerations are simply points of departure for further analysis, which will be developed through the ongoing monitoring activities of the International survey on guarantee players.

12 12 12 Credit access guarantees: a public asset between State and Market An overview of guarantee schemes around the world At the beginning of the survey process, we collected and analysed publicly-available data for each of the panel countries in order to identify the reference players and the first quantitative evidence.

13 Credit access guarantees: a public asset between State and Market 13 Guarantee schemes in international economic literature At the beginning of the survey process, it was not easy to collect and compare international data, because surveys conducted to that point had, at most, a continental reach. On the other hand, we were able to consult an enormous number of monographic studies on partial credit guarantees that analyse the various national schemes, primarily from the banks and companies perspective. Only recently has the focus of these studies shifted to the guarantee institutions themselves and the relevant business models. In this respect, we collected and analysed publicly-available data for each of the panel countries in order to identify the major players and the first quantitative evidence. Eleven of the countries we analysed are major economies in the G20; the other seven present particularly important credit guarantee cases, so we deemed it useful to include them to best represent the international framework. Before describing the evidence obtained from the survey, we should mention two international research studies on credit guarantee schemes for enterprises. The first survey, conducted by the World Bank in 2007, is the most important, guarantee scheme analysis, and with its intercontinental reach, also the broadest. However, considering the complexity inherent in every comparative analysis, the World Bank s survey has a different approach from KPMG Advisory s survey (especially in terms of the survey s purpose), which makes it impossible to compare them. Specifically, the difference lies in the definition of the players analysed. In the World Bank survey, in certain countries examined player associations guarantee credit (such as Assoconfidi in Italy) rather than the players themselves; in other countries, the survey considers organisations which are not top players. In the absence of previous surveys and due to the difficulties caused by territorial differences, the World Bank s survey is a milestone for broad, wide-ranging surveys. The second survey was conducted by Jacob Levitsky in 1997 and was based on the results of the survey carried out by Graham Bannock and Partners between 1995 and 1997 in 85 countries and on many other studies on the topic which date back to the nineties 1. Though this survey is older, it is more similar to KPMG Advisory s survey, despite the different methodological approach (KPMG s is more analytical and broader) and results (Tables 1 and 2). Table 2 Summary of Jacob Levitsky s survey Countries with guarantee schemes Main guarantee scheme players identified Guarantee market player Country Main qualitativequantitative elements analysed Small Business Loan Act Guarantee Scheme (SBLA) Fondo Nacional de Garantìas Credit Guarantee Company (CGC) (1) SOFARIS (2) Burgshaftsbanken Deposit Insurance and Credit Guarantee Corporation (DICGC) Indonesian Credit Insurance System (ASKRINDO) (3) National Federation of Credit Guarantee Corporation (NFCGC) CGC Berhad Romanian Loan Guarantee Fund (RLGF) Korean Technology Guarantee Fund (KOTEC) (4) Small and Medium Business Credit Guarantee Fund (SMBCGF) Small Industry Credit Guarantee Fund (SICGF) (5) Small Business Development Corporation (SBDC) Canada Colombia Egypt France Germany India Indonesia Japan Malaysia Romania South Korea Taiwan Thailand Trinidad and Tobago 85: number of countries where guarantee schemes for SMEs have been identified 61: number of countries where information on the relevant guarantee schemes has been collected - Risk sharing - Guarantee staff - Leverage - Bank participation - Guarantee claims - Debt recovery - Guarantee fees - Cost of operating guarantee Note: (1) KPMG Advisory s survey only considers CGC Tokyo as it chose to select a player rather than a network of players for each country under examination; (2) The player chosen for the French case in KPMG Advisory s survey is OSEO, established through the 2005 merger of SOFARIS and Anvar; (3) KPMG Advisory s survey chose to analyse Perum Jamkrindo for Indonesia, which is currently the most important experience; (4) KOTEC changed its name to Korea Technology Finance Corporation in 2009; (5) In 1991, this institution was replaced by the Small Business Credit Guarantee Corporation (SBCGC). 1 Jacob Levitsky, Credit guarantee schemes for SME s an international review, Small Enterprise Development, vol. 8, no. 2, June 1997

14 14 Credit access guarantees: a public asset between State and Market The concept of additionality arose and became popular in the nineties, when these and many other surveys on the issue were being conducted. Guarantee schemes facilitate access to credit for companies who would otherwise be unable to obtain it, transforming the role of these players from risk mitigators, which reduce the banking system s information asymmetries, to risk underwriters. With the economic crisis, guarantee players have returned to being the sole credit access tool for most SMEs. However, this trend should lead to the gradual opening of guarantee schemes to private capital. KEY WORD Additionality: guarantee schemes are essential tools that facilitate credit access to companies which otherwise would not meet the requirements for obtaining loans from the banking system There is vast market literature which describes and analyses the various credit guarantee schemes. However, most of these surveys and this literature have a national reach or focus on specific issues (i.e., the contribution to reducing interest rates, the effects on the impairment rate, the impact on credit access, etc.). Table 3 Summary of Jacob Levitsky s survey Risk sharing Some evidence on the identified guarantee schemes Out of the 70 guarantee schemes: - 17 cover 50% of the risk - 8 cover 100% of the risk - the remainder cover from 60 to 80% of the risk Leverage The ratio of issued credit to guaranteed credit is, in the worst case scenario, 5 to 1; in the longest-standing guarantee schemes (in the European and Asian countries), this ratio may well exceed 20 to 1. Guarantee fees Additionality - commission calculated as a percentage of the guaranteed credit or issued loan - registration fee (on average from 0.25% to 1% of the loan) - annual fee (on average from 0.5% to 2% of the guarantee) A number of analyses show how guarantee schemes foster credit access to companies which would otherwise be excluded from it. In the various schemes analysed, the percentage of enterprises whose application for credit would have been rejected if not guaranteed was as follows: - 90% (according to Fundes estimates on Panama, Costa Rica, Guatemala, Bolivia, Chile and Colombia); - 63% (according to Boocock and Shariff s estimates on 32 guarantee beneficiaries in Malaysia); - 48% and 68% (according to NERA s and Pieda s estimates, respectively, in UK); - 53% (according to (unknown) estimates on Japanese SMEs); - etc. Guarantee schemes models in the world Public guarantee model Mixed model Private guarantee model None

15 Main features of international guarantee schemes In this section (Tables 4 and 5) we summarise the main qualitative and quantitative features of the international guarantee schemes identified by KPMG Advisory s analysis on publicly-available data and information. Market players operating in the G20 countries are separated from others which, although they have significant credit guarantee experience, are not among the world s major economies. Table 4 Guarantee schemes in the main G20 economies Credit access guarantees: a public asset between State and Market 15 Country Main guarantee scheme Reference market players Other qualifying elements Brazil State-owned players (funds with independent capital set up by state laws). FUNPROGER: second floor guarantee, mainly for nationwide public banks; public funds managed by Banco do Brazil and promoted by SEBRAE; target clients are small and medium enterprises up to 2,2 Euro millions of revenue Strong legislative impulse from 1997 to Privately-held players (Sociedades de garantìa de credito) promoted by SEBRAE (the agency for the development of SMEs). These still have a secondary role. Garantiserra, established in 2008 on the model of the Spanish Sociedades de Garantìa Reciproca and operating exclusively in the Serra Gaucha region. In quantitative terms, its operations are still marginal compared to those of state-owned funds. Starting from 2008, SEBRAE promoted the establishment of stateand-privately-held regional guarantee companies, consistent with the federal structure of the Brazilian state. Canada State guarantee programme (promoted by the government through Industry Canada, the Canadian governmental department with responsibility for economic development, investment, and innovation). Canada Small Business Financing Program (this programme relates to funds not qualified as capital of an independent legal entity, therefore it may not be compared to credit guarantee market players). 85% of the risk is covered by the government, the remainder by financial institutions. Companies apply directly to the banks which examine the requests and take the necessary steps in order to use publicly-available guarantees. France State-and-privately-held players. 36 players: OSEO Garantie (59.84% held by OSEO Financement, in turn held by the state, addressed to micro, small and medium-sized enterprises of all industries) SIAGI (75% held by APCM, the French network of chambers of professional trades, 2.5% by OSEO Garantie and the remainder by financial intermediaries, addressed to micro enterprises of the crafts industry) 34 SOCAMA (Sociétés de Caution Mutuelle Artisanale, regional cooperatives-direct mutualism). Banking sector law enacted on 24 January SIAGI and SOCAMA are financial institutions. OSEO Garantie and OSEO Financement are special financial institutions as they are predominantly state-owned. All players are directly controlled by Banque de France. Germany Privately-held (financial) players. 22 regional private players (Burgschaftsbankens). The biggest players, based on the industry in which they operate, are: Bürgschaftsbank Baden- Württemberg Bürgschaftsbank Sachsen The Burgschaftsbankens are governed by banking regulations. They are special financial intermediaries as they are not authorised to raise funds. These players act on a monopoly basis: each Burgschaftsbanken operates in its own region. If there are more than one players in a region, they are specialised by industry. Indirect mutualism: Burgschaftsbankens are not promoted directly by the beneficiary enterprises but by the Chambers of Commerce with which the enterprises must be registered.

16 16 Credit access guarantees: a public asset between State and Market Country Main guarantee scheme Reference market players Other qualifying elements India State-owned players. Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) is the most important player Deposit Insurance and Credit Guarantee Corporation Export Credit Guarantee Corporation of India Ltd (export credit). The CGTMSE was set up by the Indian government and by SIDBI (Small Industries Development Bank of India) to make the Credit Guarantee Scheme (CGS) launched in August 2000 by the Ministry of Micro, Small and Medium Enterprises (MSME) operative. This scheme interrupted the operations of the Deposit Insurance and Credit Guarantee Corporation. Indonesia State-owned players (funds with an independent legal status operating on a large-scale national level). Perum Jaminan Kredit Indonesia (Perum Jamkrindo) Established in 1971, this company provides guarantees to small and medium-sized enterprises and cooperatives of all industries. Italy Privately-held players (SMEs and entrepreneurs associations). State-owned players (or semi-public players, local bodies and regional financial institutions which support or replace private players where absent). Eurofidi Sistema Fedart Fidi Sistema Federconfidi Sistema Federfidi Sistema Federascomfidi Regional distribution (mainly concentrated in Lombardy, Veneto, Piedmont, Sicily, Sardinia and Tuscany). Very disjointed and inconsistent scheme. Direct mutualism (mutual guarantee cooperatives and consortia) The Consolidated Banking Act under development could reduce the operations of Italian guarantee providers (CONFIDI) not supervised by the Bank of Italy, while favouring those listed in the official register. Japan State-owned players (the government disburses outright grants). 52 Credit Guarantee Corporations (CGC): 47 offices distributed over the country, one for each prefecture 5 in each metropolitan city CGC in Tokyo is the largest (with a market share of more than 40% and with less than 10% of the scheme s total branches). Non-profit public financial institutions. The guarantees given usually cover 100% of the loan. Controlled by the central government through the Ministry of Finance, the METI (Ministry of Economy, Trade and Industry) and local governments. There is no competition at all. They represent a supplementary economic policy tool. Indirect mutualism is almost insignificant as the Chambers of Commerce are minority shareholders. Russia State-owned players (funds with an independent legal status financed by local federal governments). 14 funds, for which no statistics are available; we were therefore unable to identify the reference players. Regional (federal) operations. South Korea State-owned players (operating at national and municipal level) Korea Credit Guarantee Fund (KODIT), for SMEs of the traditional industries (wholesale & retail and manufacturing) and Korea Technology Finance Corporation (KIBO), for SMEs of the technological industry. 16 small players operating at municipal level. KODIT (established by law in 1974) and KIBO (established by law in 1986) are non-profit guarantee institutions supervised by the Ministry of Economy, Finance and the Budget and by Parliament. Regular compulsory grants issued by the government and the banks to guarantee players. Guarantee coverage: from 60 to 80%. KIBO may guarantee up to 100% for those companies which invest in technology. Turkey State-and-privately-held players. TESKOMB (Union of Credit and Guarantee Cooperatives for Tradesmen and Craftsmen of Turkey) divided into three levels: 970 cooperatives for craftsmen and tradesmen, 32 regional offices, national union Kredi Garanti Fonu, 33% held by TOBB, the Turkish chambers of commerce and trade-unions system, 33% by KOSGEB, the organisation for the development of small and medium-sized enterprises, and the remaining 33% by entrepreneurial associations and, most of all, banks. TESKOMB is more like a players association rather than an individual player. Direct mutualism as the shareholders are the same beneficiary cooperatives. Kredi Garanti Fonu finances all SMEs, especially those of the manufacturing industry. It has received EU grants since 2009.

17 Credit access guarantees: a public asset between State and Market 17 Table 5 Other important credit guarantee cases Country Main guarantee scheme Reference market players Other qualifying elements Chile State-and-privately-held players (public institutions, state-owned funds and private companies). Fondo de Garantìa para Pequeños Empresarios (FOGAPE) state-owned fund, leading institution PROAVAL (established in 2008 on the model of the Sociedades de Garantìa Reciproca, whose promoters are private investment funds). A law enacted in June 2007 introduced the possibility to establish Sociedades de Garantìa Reciproca. The first one was set up in Colombia State-and-privately-held players (public institutions, regional state-owned funds consistent with the federal structure of the Colombian Republic, and private companies). Fondo Nacional de Garantìa S.A. (FNG) state-and-privately-held fund with an independent legal status, an S.A. of a commercial nature established in It is divided into nine regional funds and provides guarantees to SMEs of all industries except for the agricultural industry (supported by the Fondo Agropecuario de Garantìas). Promoters which have an investment in the Fondo Nacional de Garantìa: Ministerio de Hacienda y Credito Publico, Banco de Comercio Exterior de Colombia, Ministerio de Comercio, Industria y Turismo, Findeter (Financiera de Desarrollo Territorial, an entity set up by the government to finance national development activities). Hungary State-and-privately-held players. Garantiqa Hitelgarancia (the most important player, held by public and private shareholders, namely, the Ministry of Agriculture and many financial partners). Hungarian Enterprise Development Fund (an independent organisation set up in 1991 with the aim of promoting the development of SMEs. A regional network which issues guarantees in the country s 20 counties with very limited operations). Malaysia State-and-privately-held players. Credit Guarantee Corporation Malaysia Berhad (CGCMB) established to facilitate credit access by SMEs of all industries. Portugal State-and-privately-held players. The scheme s holding, SPGM Sociedade de Investimento S.A., established in 1994 as pilot mutual guarantee company, contributed all its initial assets to Norgarante and Lisgarante. It currently has investments in the four regional players: Norgarante, Lisgarante, Garval and Agrogarante. Norgarante, the most important player, provides guarantees to SMEs in the north of Portugal. The promoters are both public (Portuguese government, Portugal s tourism institute, SPGM and main national banks) and private entities (most of all, the companies benefiting from the guarantees which have more than a 45% investment in the company). Garantiqa Hitelgarancia provides its services mainly to agricultural enterprises, which did not avail of guarantee services in the previous five years with a project related to the industry s development. Garantiqa Hitelgarancia has acted as a financial institution since 2008 and is therefore subject to supervisory regulations. Development financial institution, held by Bank Negara Malaysia (the central bank) with a 79.3% stake; the residual 20.7% is held by a number of commercial banks. It manages guarantee programmes with the assistance of its partner commercial banks. This scheme is based on the direct mutualism principle. There is also a state-owned counterguarantee fund (FCGM) which enables to counterguarantee on average 60% of the guarantee. This fund is managed by SPGM, which in turn can counterguarantee itself at a third level with FEI.

18 18 Credit access guarantees: a public asset between State and Market Country Main guarantee scheme Reference market players Other qualifying elements Spain State-and-privately-held players. 3 Sociedades de Garantìa Reciproca (SGR), operating at a national level and specialised by industry, and 20 operating at a regional level. The largest ones are Sociedad De Garantìa Reciproca De La Comunitat Valenciana (the largest one in terms of size, which operates in Valencia) and IBERAVAL (which operates in the Castile region). Promoters: public bodies, financial institutions, cooperatives, associations, chambers of commerce and SMEs. Thailand State-owned players. Small Business Credit Guarantee Corporation (SBCG), established by the government in 1991 and specifically by the Ministry of Economy and Finance. It is a special financial institution supervised by the Central Bank. Spain s credit access support scheme has always been very strong in the past as 99% of its enterprises are SMEs. It is a direct mutualism system. SGRs are governed by a law enacted in 1994 which also limits the public sector s and banks investments in these players. SGRs are financial and not banking intermediaries and, therefore, are supervised by the Central Bank. The law for the establishment of the Credit Guarantee Corporation was enacted in SBCGC was not set up until five years later, therefore it has not yet developed its potential. Issuing guarantees on behalf of the government is to be considered as an economic policy tool providing support in periods of economic downturn. In short, most of the guarantee players operating in the international scenario are state-and-publicly held, mainly through public capital. However, given the increasingly important role of this tool, we expect and hope the sector will gradually open up to private capital. In countries where the public model prevails, the guarantee scheme represents an economic policy tool through which the government distributes economic aids, especially during a period of economic downturn. The private model is based on the direct mutualism principle, whereby member companies benefit from the guarantee. On the contrary, the German case, whereby the players shareholders are mainly financial institutions, is an example of indirect mutualism. The players are supervised by the Central Bank when they qualify as (special) financial intermediaries, especially in privately-held schemes, otherwise they are supervised by the central government or ministries of economy. They operate at a national level and in some cases at a regional/ area level (Japan, Germany, France, Portugal, Spain and Chile) mainly serving small and medium-sized enterprises, and in some cases micro enterprises. These mainly operate in the traditional industries (manufacturing, handicrafts, commerce and services), although there are cases in which guarantee players specialise in a particular business segment.

19 In spite of different business models, credit guarantee players face common issues

20 20 20 Credit access guarantees: a public asset between State and Market Survey of Big Players : comparative trends The survey has the purpose of mapping and gaining a better understanding of the big credit guarantee players operating in different countries. The aim is to encourage discussions on technical, industrial and operating items among the market leaders on their role and importance in the national and international financial systems.

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